Dream Finders Homes has shelled out $8.5 million for roughly 20 acres at Saddlebrook Resort in Wesley Chapel, clearing the way for a resort-adjacent housing project that will literally reshape the drive into the property. The land fronts State Road 54 and is lined up for a dense cluster of luxury townhomes beside Saddlebrook’s golf and pool complex. For residents north of Tampa, the move folds into a larger push to convert portions of the 480-acre resort into a blend of housing and retail.
According to Tampa Bay Business & Wealth, Dream Finders Homes paid $8.5 million for the 20-acre site and plans 118 luxury townhomes plus a one-acre commercial pad for office and retail uses. JLL Capital Markets acted as exclusive investment adviser to sellers Mast Capital and Amzak Capital Management on the deal. Dream Finders’ Tampa division president Andrew Charlson framed the project as a chance to “join the lifestyle and legacy of an iconic resort,” according to that reporting.
Resort transformation and financing
Mast Capital and Amzak bought the 480-acre Saddlebrook property in 2022 and have been bankrolling a multi-phase overhaul. They secured about $72.5 million in financing to support the effort, according to Business Observer. That outlet reports the repositioning comes to roughly $92 million in upgrades to guest rooms, dining areas, meeting space and the resort’s golf facilities. The financing coverage also highlighted plans for a new town center featuring apartments, townhomes and retail as part of the broader redevelopment.
What’s proposed and how the market might react
Regional construction pipeline data label the project “Townes at Saddlebrook,” a proposed 118-unit townhome community at State Road 54 and Vandine Road, signaling that developers are still very bullish on Wesley Chapel’s growth corridors, per MMG Real Estate Advisors. Builders caution that timelines are at the mercy of local approvals. Dream Finders CEO Patrick Zalupski has written that the land entitlement process is a major choke point for adding new housing, as noted by Builder. That mix of strong demand and slow entitlements will ultimately dictate when these townhomes actually hit the market.
Next steps
Before any construction can start, Dream Finders will need to secure local entitlements and building permits. Mast and Amzak have said more details on the Saddlebrook master plan will be released later, according to Tampa Bay Business & Wealth. Zalupski, who leads Dream Finders and serves as the MLB control person for the Tampa Bay Rays, is expected to oversee the project for the builder, per the team’s sale announcement on the club’s website.
